Boston University: How does Boston’s First-Time Homebuyer Program distinguish grants from deferred loans for a primary-residence purchase?
DIRECT ANSWER
This answer covers the City of Boston’s assistance program, not every mortgage product or every property near BU. It does not establish a university benefit, an award or loan approval, or eligibility outside Boston.
Boston’s First-Time Homebuyer Program may help an eligible buyer purchase a primary-residence condo in Boston. Boston residents receive grant assistance; the city generally uses 0% interest deferred loans for non-Boston residents from September 15, 2026, subject to its September 14 transition exception. Eligibility and awards require the city’s review.
The city’s program covers eligible one- to three-family residential properties or condominiums in Boston used as the buyer’s primary residence. Being near Boston University does not by itself establish eligibility. The stated primary-residence requirement does not support treating this as assistance for an investment property or second home.
Boston residents receive grant assistance. Effective September 15, 2026, assistance for non-Boston residents is a 0% interest deferred loan secured by a mortgage and promissory note, repayable upon transfer, refinance or sale. The city exempts non-Boston residents who submitted a complete application with a signed offer or fully executed purchase and sale agreement on or before September 14, 2026, from that change. Confirm how that exception applies with the city. Published award caps are $50,000 or $35,000 depending on the applicable income tier; neither is guaranteed.
Check the city’s current income, asset and property criteria. The published requirements include first-time homebuyer status, defined as no property ownership in the past three years, a CHAPA-approved Homebuying 101 course, and first-mortgage pre-approval from a participating lender. Confirm the applicable tier and the full assistance terms with the city before relying on an award.
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